- 61% of millennials say they do not have a regular savings plan
- 31% say they do not feel comfortable talking about money
- This is based on recent research published by CommBank
More than half of millennials do not have a money-saving plan, according to new research released by CommBank.
The research examined the attitudes and habits of Australian millennials towards their personal finances.
While they might not have a money-saving plan, half of the millennials (49%) wish they could have more open discussions about money, wanting to better manage and save their money.
The issues they are most interested in discussing are spending and saving habits, and strategies to get ahead financially. They are most keen to discuss strategies that can get them ahead financially.
The study found only a third of millennials put money into savings where they can, while one in ten are living paycheque to paycheque.
Almost two thirds (58%) of millennials say that buying a house is the financial achievement that makes them feel the most ‘adult’, but less than a third (28%) have done so to date.
58% say they intend to buy a house or investment property in the next five years.
CBA Executive General Manager Everyday Banking, Kate Crous, said Australians in this age group recognise the importance of having a savings plan but feel they need more strategies and tools to help them save better, with only 39% having a savings plan that they work to each time they get paid.
“We recognise many young Australians want to be more in control of their spending so they can start focusing on longer term goals, whether that’s saving for a rainy day or buying a home.”
Kate Crous, CBA Executive General Manager Everyday Banking
“We know that one in four millennials favour digital banking for transparency of their finances, and through our smart features in the CommBank app, we’re able to deliver even more meaningful ways for customers to engage with their money and plan ahead,” she said.
“For example, Bill Sense helps predict upcoming bills so you can see how much you may need for bills each month on one simple timeline, and Goal Tracker allows customers to set a savings goal, broken down into weekly targets so it feels less overwhelming or completely out of reach. The CommBank app enables … customers to track, budget and predict money going in and out so they can make more informed spending choices.”
Australian tech startups such as Finch, Picture Wealth and WeMoney have also been developed to assist millennials and others manage their money and build their wealth better.
